Bitcoin Cash still can rise

Hi everyone,

Bitcoin Cash is trading within a narrow price range between 220 and 265.
The price is consolidating at the moment and this is good sign for the bulls because at any time it can start pumping.
Also, note that, BCH is trading within rising channel and its price currently on the lower bound of the channel. All this indicating that price more likely will go up than down.

Bitcoin Cash looks bullish but traders should be careful at this point since if there will be strong price correction on Bitcoin then BCH price might follow and drop at least up to 200 price level.

Otherwise there is good chance that BCH might rise at least up to 265 resistance.


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Comment:

It seems that Bitcoin Cash isn't ready to rise at the moment.
Even though Bitcoin continue to rise and once again trying to reach 38k BCH doesn't look interested in that growth.
Probably Bitcoin Cash needs some correction before it can continue to rise.
In any case so far it continue to trade above 220 suuport area and that leaves some hope for growth.

Comment:

This week Bitcoin Cash increased on 30% bouncing from 220 support area and reached 265-290 resistence area.
If BCH price manages to break 290 resistance then it can reach at least 328 local high and maybe even rise higher.

Comment:

Bitcoin Cash again is testing upper bound of 265 - 290 resistance area and this time it might very well break it.
If BCH price manages to break and hold above 290 price level then we might see 300 and above.

Comment:

There was fake breakout from 265 - 290 resistance area and then fell down.
I think that there will be some correction phase on BCH in the near time and I don't expect price going above 290 price level.

Trade closed: target reached